USDA survey finds cropland values increase

WASHINGTON — Corn Belt cropland average per acre values increased by 8.3% from 2020 to 2021, according to a survey by the U.S. Department of Agriculture’s National Agricultural Statistics Service.

The Corn Belt year-over-year average increased from $6,350 per acre in 2020 to $6,880 this year.

Indiana saw the largest increase from last year of 9.5%, with an average value of $6,210 per acre last year, unchanged from 2019, to $6,800 this year.

Illinois increased from $7,300 per acre in 2020, unchanged from 2019, to an average of $7,900 this year, an 8.2% increase.

Iowa’s average cropland value was up 8.9% from $7,170 per acre last year, down from $7,260 in 2019, to $7,810 this year.

Missouri cropland values were up from $3,530 per acres last year to $3,810 in the latest survey, a 7.9% hike.

Ohio rounds out the Corn Belt states with a 5.3% increase from $6,460 per acre in 2020 to $6,800 this year.

The nationwide cropland value averaged $4,420 per acre, an increase of $320 per acre, or 7.8%, from the previous year. The U.S. average cropland value was unchanged at $4,100 per acre from 2019 to 2020.

The nation’s highest per-acre average cropland values were in New Jersey and California.

New Jersey cropland averaged $14,800 per acre in 2021, a 7.2% increase over 2020′s $13,800.

Cropland in California was up from 12,900 per ace in 2020 to $13,860 this year, a 7.4% increase.

Pastureland

The average per-acre value of pasture in the Corn Belt increased 7.7% from $2,340 last year to $2,520 in 2021.

Iowa had the largest year-over-year increase of 12.3%, jumping from $2,690 per acre to $3,020 for pasture.

Pasture in Illinois was up 6.3% from $3,200 per acre in 2020 to $3,400 this year.

Indiana’s pastureland increased from $2,400 to $2,490, or 3.8%, per acre from 2020 to 2021.

The survey found Missouri pasture values averaging $2,160 per acre this year after reaching $2,000 a year ago, or 8%.

Pastureland in Ohio was $3,370 per acre in 2020 and $3,440 in 2021, up 2.1%.

Methodology

“The estimates of land values in this report are based primarily on the June area survey, conducted during the first two weeks of June. This annual survey uses a complete, probability-based land-area sampling frame. A sample of approximately 9,000 segments of land is selected, each approximately one square mile in size,” the USDA NASS stated.

“Enumerators collecting data for the June area survey contact all agricultural producers operating land within the boundaries of the sampled land segments and record land value information for cropland and pasture within these segments. They also collect an estimated value of all land and buildings for the operator’s entire farming operation and the estimated percent change from the previous year.”

Survey reported data are reviewed for reasonableness and consistency by comparing with other data reported in the survey and with data reported within the segment the previous year.

The regional and U.S. estimates are weighted by the amount of cropland and pasture in each state, based on the most recent Census of Agriculture. For the purposes of this report, cropland pastured is defined as cropland.